Agip Plans to Invest $2 Billion
As Part of Kazakstan Oil Pact

WASHINGTON -- Italy's Agip SpA said it plans to spend at least $2 billion over 40 years as its share in developing the Karachanagak crude-oil and natural-gas field.

Agip made the announcement after it and other major international oil companies on Tuesday signed a production-sharing agreement with the government of Kazakstan. The pact was one of two widely anticipated oil-production and exploration agreements that were signed in Washington by oil companies and Kazakstan.